Malaysian Ringgit Ends Higher For Second Consecutive Day

KUALA LUMPUR, Jan 3 (Bernama) – The Malaysian ringgit pared its earlier losses to close higher against the US dollar for the second consecutive day this week as investors risk appetite for the local currency remained favourable amid the weakening of the greenback. Amid the demand for Asian currencies, the local note closed the day at 4.0130/0180 from Tuesday's 4.0180/0210 versus the US dollar. Malaysian Association of Technical Analysts President Nik Ihsan Raja Abdullah said the ringgit bucked the performance of emerging currencies, taking advantage of the weaker dollar, and ahead of the US Federal Reserve's December policy meeting minutes, scheduled to be released later today. The minutes are expected to provide a clue on US fiscal policies for 2018 which could potentially renew interest in the greenback. This could lend support for the greenback which can cause capital outflows from emerging markets. Meanwhile, the ringgit firmed against a basket of major currencies. It climbed against the Singapore dollar to 3.191/0240 from 3.0245/0281 on Tuesday and rebounded vis-a-vis the yen at 3.5735/5782 from 3.5912/5968 yesterday. The local unit appreciated against the euro to 4.8304/8373 from 4.8493/8596 yesterday but slipped versus the British pound to 5.4513/4593 from 5.4432/4489 on Tuesday. – BERNAMA